The Accounts Receivable Automation Market size is expected to grow from USD 1.7 billion in 2019 to USD 3.0 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 12.1% during the forecast period. Growing traction for software-as-a-service solutions and transition toward value-based pricing will likely boost the adoption of accounts receivable automation. Additionally, the growing focus on the improvement of cash flow and reduction in days sales outstanding and reduced accounting cycle time is a major factor driving the growth of the accounts receivable automation market.
The services segment of accounts receivable automation to grow at the highest growth rate during the forecast period
Services play a crucial role in efficiently carrying out various tasks performed in the entire receivable process of an organization. The services segment has been broadly classified into consulting and implementation, and support and maintenance services. Accounts receivable automation vendors offer services to plan, design, implement, and deploy accounts receivable solutions. The increase in the number of digital transactions in the emerging economies is expected to fuel the demand for accounts receivable automation services. The demand for consulting and implementation services is expected to increase in the accounts receivable automation market with an increase in the adoption of accounts receivable automation technology-based solutions. Services form an integral part of the software lifecycle and expected to boost the growth rate of the accounts receivable automation market during the forecast period.
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The Small and Medium-sized Enterprises (SMEs) segment to grow at the highest CAGR during the forecast period
SMEs across the globe are rapidly adopting advanced technologies to create a niche for themselves in the global market. The rapid adoption of digitalization and automation has augmented profits for SMEs and greatly enhanced their business productivity. Organizations with an employee range between 1 and 1,000 are categorized under the SMEs segment. Governments of countries across the globe have launched various initiatives to promote the adoption of digital payment technologies in SMEs.
The major vendors in the accounts receivable automation market are Sage (UK), Oracle (US), SAP (Germany), Workday (US), Bottomline Technologies (US), Comarch (Poland), Esker (France), Kofax (US), Zoho (US), HighRadius (US), FinancialForce (US), Emagia (US), VersaPay (Canada), Rimilia (England), and YayPay (US). These players have adopted various growth strategies, including partnerships, agreements, collaborations, and new product launches, to further expand their presence in the global accounts receivable automation market. Of these, new product launches, partnerships, agreements, and acquisitions have been the most favored strategies adopted by major players from 2016 to 2019, which helped them offer innovative products and broaden their customer base.
Sage (UK) is one of the leading providers of cloud business management solutions. The company offers the accounts receivable management software to enable organizations across industries to automate their cash receivable processes. The accounts receivable management software helps clients in speeding up workflows, saving time, enhancing control on processes, and easily sharing data through the cloud. The company also provides Sage Business Cloud Enterprise Management that manages finance, supply chain, and production operations. Moreover, it is useful for various industrial operations, such as distribution, manufacturing, and services. The company relies on both organic and inorganic growth strategies to enhance its offerings and strengthen its presence across the globe. In April 2019, Elemica implemented Sage Intacct to enhance the financial process and improve earnings with automated revenue recognition and efficient financial management. Furthermore, Sage partnered with S&L Companies to improve its finance team’s productivity. In September 2017, Sage partnered with the Hopi Tribe Economic Development Corporation (HTEDC) to improve cash flow and better manage operations in real-time. The company also adopts the strategy of product launches to expand its business. For example, Sage launched the Sage Intacct Budgeting and Planning to eliminate the need to rely on spreadsheets and emails for planning.
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SAP (Germany) is an eminent player in the accounts receivable automation market. Currently, the company focuses on providing its customers with highly competent technology-enabled solutions and services in the accounts receivable automation market space. It provides the SAP S/4 HANA FINANCE product which enables simple yet intelligent payment exchanges between millions of buyers and suppliers. Moreover, its offerings enable its commercial clients to cope up with changing business models and enhance operating performance by reducing errors in transactions. With SAP S/4 HANA FINANCE, enterprises can assess customer credit risk, simplify billing systems, improve invoice management, and maximize payment visibility. SAP adopts both organic and inorganic strategies to expand its business. The company also adopts the acquisition strategy to increase its geographic reach. For instance, in November 2018, SAP acquired Contextor to enlarge its offerings related to accounts receivable automation market by adding Robotic Process Automation (RPA) capabilities into SAP S/4 HANA. SAP also uses organic strategies, such as product launches and enhancements to boost its business. For instance, in January 2019, SAP introduced S/4HANA for financial products subledger that supports finance and risk processes, which are difficult to manage, as a result of fragmented data models between operational and finance systems. Furthermore, in May 2019, SAP improved the SAP S/4HANA to ease the process of automating of financial operations.
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